PARIS: Shares of French video game publisher Ubisoft surged by around 30% today after a media report suggested China’s Tencent was poised to join a potential buyout.
Bloomberg reported that the Chinese giant was considering a joint move with the Guillemot family, which founded Ubisoft and is still the main shareholder, after the French company lost half its market value this year.
Ubisoft has faced several years of turbulence after allegations of pervasive sexism, discrimination and workplace harassment began to emerge in 2020 and led to the departure of several top executives.
Tencent, the world’s biggest game maker, already holds nearly 10% of Ubisoft’s capital, while the Guillemot family owns around 15%.
Bloomberg reported that Tencent and the Guillemot family were now exploring several options, including a buyout that would take Ubisoft off the stock market.
